Our region could gain 18,000 additional employment as a result of the growth fund.
According to a combined authority estimate, a £313 million growth fund for businesses in the city region could result in the creation of 18,000 additional employment.
The Local Growth Fund, which was fully distributed by the combined authority by the end of March this year, has already resulted in the creation of nearly 8,000 employment, with more on the way.
Almost 200 projects have been funded across the region’s six boroughs, including the renovation of Kirkby Town Centre and the construction of the new Maghull North station.
The money has to be spent between 2015 and 2021, according to the government’s allocation to the joint authority.
The fact that the investment was led locally demonstrated the importance of devolution in ensuring our region’s economic prosperity, according to Metro Mayor Steve Rotheram.
“In only a few years, we’ve spent more than £300 million in every corner of our area, creating nearly 8,000 jobs and supporting more than 11,000 people obtain new skills,” Metro Mayor Rotheram said. By 2025, we will have created 18,000 jobs and increased our economy’s investment by £225 million.
“The election results last month were a resounding vote of confidence in the rapid impact that devolution has had in our region.
“People in the community can see the positive influence of what we’re doing, and they want more. If the government is serious about ‘leveling up,’ it must provide greater funds and authority to communities like ours.”
The money was used to fund a variety of programs in the areas of transportation, skills, and company development.
Asif Hamid, MBE, chair of the Liverpool City Region Local Enterprise Partnership, said the region’s 2014 strategy for using the investment was already bearing dividends.
“Development of the Growth Plan in 2014 was the first step in devolving resource and responsibility in exchange for local economic leadership – and I am pleased that the LEP was at the forefront of this opportunity, working with the private and public sectors to seek freedoms, flexibilities, and influence over government resources,” Mr Hamid said.
“We selected projects such as investing in Liverpool. The summary comes to a close.